Mortgage Refinancing

The best time to seek home refinancing is: 

1. When the mortgage rates have fallen below your current mortgage rate.   

2. If your adjustable-rate mortgage has increased and you want to switch to a lower, fixed-rate mortgage. 

3. To shorten the term of your mortgage when your financial situation has improved.

Interest rates change yearly, and marking a precise figure is challenging. However, the rule of thumb is that it should be lower by at least 2%, although even a 1% reduction can be worthwhile. So, periodically check offerings from the best home loan refinance companies to see if you can find the right mortgage for your situation.

Refinancing with the lender for your current mortgage can have many benefits, including the process being faster and seamless, especially if the lender still has your documentation on file. However, if you can save more money with one of the best mortgage refinance loans featured here on LendMeMoney.com, going through underwriting again is worthwhile.

People typically refinance their mortgage achieve one or more of the following:

• Reduce their monthly payment

• Pay less interest over time

• Pay off their mortgage sooner

• Get cash from their home’s equity

• Switch to a different type of loan (e.g., from adjustable rate to fixed rate).